19th Aug 2015 07:43
LONDON (Alliance News) - Legendary Investments PLC on Wednesday said it swung to a loss before and after tax in its last financial year.
The investment company made a GBP470,000 loss in the year ended March 31, compared with a profit before and after tax of GBP901,000 in the prior financial year.
Earnings were driven by a net loss of GBP235,000 on investments, against a GBP1.1 million net gain previously.
Executive Chairman Zafar Karim said there was steady progress in the company's last financial year, pointing to investee companies Virtualstock, Bosques and Amedeo
"Following the growth fund raise for Virtualstock in April 2014, Virtualstock has been pursuing several large clients including in sectors outside of retail, with positive results manifesting themselves post the year end. Bosques has continued to innovate and now has 18 hectares under cultivation and pongamia saplings from fertile seeds from its own pongamia. Amedeo is on track to complete its first rig by the end of this calendar year," Karim said.
"While the mining sector continues to be depressed, Sula, Medgold and Oracle continue to pursue their strategies, and discussions regarding Manas continue," Karim added.
"Review of potential investments continued throughout the year, and although one particularly promising opportunity, lying at the nexus of the energy and big data sectors, was pursued, no new investments were made," the chairman said.
Legendary shares were down by 0.0150 pence, equivalent to a fall of about 16%, at 0.0800p on Wednesday morning in London.
By Samuel Agini; [email protected]; @samuelagini
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